Nevada
Housing Market
The landscape of Nevada’s housing market evolves with shifting home prices and demand. Houzeo’s housing market report tracks constant changes in supply and demand across the state. Our report offers real-time insights to help you make informed decisions.
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MigrationNevada Housing Market Overview
Nevada housing prices show a 5% year-over-year increase as of January 2025. This significant growth in home prices indicates market strength. Currently, the median home price in Nevada is $455,000. The number of homes sold increased by 1.6% YoY.
You can also check the market competitiveness through median days on the market. Homes in Nevada now spend 64 days on the market before going under contract. All these metrics collectively indicate changes in the Nevada housing market’s pace and affordability.
What Does it Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Homes in Nevada now spend 64 days on the market before going under contract. All these metrics collectively indicate changes in the Nevada housing market’s pace and affordability.
What Does it Mean for Home Buyers and Sellers?
- If You're a Buyer: More inventory (up by 22.5%), longer time on market (64 days), and increased price drops (23.3%) give buyers more choices and negotiating power. However, home prices are rising at 5% YoY, and 30-year mortgage rates are 6.97%, which increases borrowing costs.
- If You're a Seller: Fewer homes are selling above list price (15.4%), and more sellers are cutting prices. Homes are still largely selling close to asking price (with a 97.9% sale-to-list ratio) but are taking longer to go under contract. Competitive pricing and flexibility may be the key as increasing mortgage rates restrict buyer demand.
Median Sale Price
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Nevada
Nevada Housing Supply
Nevada's housing market is seeing an increase in supply. The number of homes for sale rose 22.5% year over year in January 2025, reaching 14,855 available homes. Newly listed homes also increased by 14.7%. The market remains more or less balanced with 4 months of supply, indicating a slight tilt towards sellers. A supply below 6 months typically favors sellers, while a higher supply benefits buyers.
What Does it Mean for Home Buyers and Sellers?
If You're a Buyer: The 22.5% increase in Nevada homes for sale gives you more options and negotiating power. At 4 months of supply, homes are selling at a steady pace, but the growing inventory may help stabilize prices. If You're a Seller: Selling sooner rather than later may be beneficial as inventory continues to rise. Demand remains strong in cities like Las Vegas, Henderson, and Reno, where population growth supports the market. To attract buyers, consider staging and marketing your home effectively.
What Does it Mean for Home Buyers and Sellers?
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Nevada
Nevada Housing Demand
The percentage of homes selling above the list price reflects market competition. When more homes sell for more than the asking price, buyer demand remains high. A drop in this percentage suggests weaker demand and growing supply.
15.4% of homes in Nevada sold above the list price in January 2025. Meanwhile, price drops rose to 23.3%, up by 2.8 points YoY. The 97.9% sale-to-list price indicates slight price adjustments, giving buyers more negotiating power.
What Does it Mean for Home Buyers and Sellers?
If You're a Buyer: You have more room to negotiate. With only 15.4% of homes selling above the list price, and 23.8% seeing price drops, you stand a good chance to get a favorable deal. With fewer bidding wars, you can take your time and make competitive offers. If You're a Seller: Price your home strategically to attract buyers. The increasing percentage of homes with price drops indicate shifting demand. The 97.9% sale-to-list price ratio suggests that you may need to adjust expectations to close deals.
15.4% of homes in Nevada sold above the list price in January 2025. Meanwhile, price drops rose to 23.3%, up by 2.8 points YoY. The 97.9% sale-to-list price indicates slight price adjustments, giving buyers more negotiating power.
What Does it Mean for Home Buyers and Sellers?
Homes Sold Above List Price
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Strong
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Is it a Buyer’s or Seller’s Market in Nevada?
As of January 2025, Nevada’s housing market remains more or less balanced with 4 months of supply. Buyers have more leverage with a 22.5% increase in inventory and 23.3% of homes seeing price drops. However, 30-year mortgage rates at 6.97% may limit affordability.
On the other hand, sellers benefit from rising home prices, up by 5% year over year. The 97.9% sale-to-list price ratio shows that most homes sell close to asking price. Nevada real estate market conditions vary across cities, and local trends play a key role in decision-making.
Nevada Housing Market Insights
Nevada's housing prices are up 5% compared to last year as of January 2025. This steady increase suggests that the market is stable. The median home price in Nevada is $455,000, which is higher than the national median home price of $418,478. The number of homes sold has increased by 1.6% compared to last year.
How competitive the market is depends on how long homes stay for sale. In Nevada, homes are on the market for a median of 64 days, longer than the national average of 56 days.
Mortgage rates of nearly 7% also influence buying power and demand for homes. These factors collectively point to a neutral market in Nevada. The Silver State offers inventory options for home buyers and stable prices for home sellers.
How competitive the market is depends on how long homes stay for sale. In Nevada, homes are on the market for a median of 64 days, longer than the national average of 56 days.
Mortgage rates of nearly 7% also influence buying power and demand for homes. These factors collectively point to a neutral market in Nevada. The Silver State offers inventory options for home buyers and stable prices for home sellers.
Nationwide Migration Trends
Nevada saw significant inbound migration during winter 2024-2025's peak moving season. Over 5,000 NV residents searched for in-state homes from Nov '24 to Jan '25.
Californians continue to move to Nevada in droves. However, rising housing costs and Nevada’s living costs have slowed the surge in migration.
This migration pattern reflects the broader cost of living index trends. Nevada's cost of living index is 1.3% higher than national average.
Californians continue to move to Nevada in droves. However, rising housing costs and Nevada’s living costs have slowed the surge in migration.
This migration pattern reflects the broader cost of living index trends. Nevada's cost of living index is 1.3% higher than national average.
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Frequently Asked Questions
How have home prices changed in Nevada over the past years?
Nevada home prices have continued to rise over the past years, driven by high demand and low inventory. The median house price in Nevada has increased at an annual growth rate of 5%, with some regions seeing double-digit percentage growth. You can check your home’s fair market value with a free home value estimator.
Are home prices in Nevada dropping?
No, home prices in Nevada are not dropping. The median home price in Nevada is $455,000, with a 5% year-over-year increase. While some homes see price reductions, prices largely continue to rise. However, with an increased number of homes for sale in Nevada and longer days on the market, price growth may slow in the future.
What’s the average home price in Nevada?
Nevada’s average home price varies depending on location, size, and market conditions. It typically ranges from $266,000 for condos to $500,500 for single-family homes.
What is the Nevada housing market forecast for 2025 and beyond?
The housing market in Nevada is expected to stabilize in 2025. With slower price growth and rising mortgage rates, the inventory of Nevada houses may increase enough to slow price growth.
Is now a good time to buy or sell a home in Nevada?
Check the current trends in housing prices and inventory in your city. Sellers can benefit from high demand and rising prices. However, if mortgage rates are stable with more than 6 months of supply, it’s the best time to buy a house in Nevada.
How does the Nevada's housing market compare to the national market?
Nevada's housing market is outperforming the national market, with rapid price growth and strong demand due to relocation from other states and favorable tax conditions.
Should I wait for some time before buying a house in Nevada?
As a buyer, you can get a fair deal thanks to stable prices and a growing inventory of Nevada houses for sale.The average cost of a house in Nevada is currently $455,000. If you plan to buy a house in Nevada, make sure you get a mortgage pre-approval. Also, budget for a down payment of up to 10%.
How can I list my home for sale in Nevada?
You can list your home for sale with a Flat Fee MLS Nevada listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Nevada?
The average mortgage rate for buyers in the Nevada real estate market fluctuates between 6% and 7.5%. Assess your credit score and the current mortgage rates with lenders before you apply for a mortgage.
When will the housing market crash in Nevada?
According to real estate market experts, a Nevada housing market crash is not on the cards for 2025. Home prices are rising, with an increasing number of Nevada homes for sale. While high mortgage rates may slow demand, no sharp drop is expected.
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